BW LPG (BWLP)
Market Price (11/18/2025): $13.22 | Market Cap: $2.0 BilSector: Industrials | Industry: Marine Transportation
BW LPG (BWLP)
Market Price (11/18/2025): $13.22Market Cap: $2.0 BilSector: IndustrialsIndustry: Marine Transportation
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 23%, Dividend Yield is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19% | Weak multi-year price returns2Y Excs Rtn is -30% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.8% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16% | ||
| Low stock price volatilityVol 12M is 45% | ||
| Megatrend and thematic driversMegatrends include Hydrogen Economy, and Energy Transition & Decarbonization. Themes include Hydrogen Infrastructure, and Maritime Decarbonization. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 23%, Dividend Yield is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Low stock price volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include Hydrogen Economy, and Energy Transition & Decarbonization. Themes include Hydrogen Infrastructure, and Maritime Decarbonization. |
| Weak multi-year price returns2Y Excs Rtn is -30% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.8% |
Market Valuation & Key Metrics
BWLP Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
BW LPG (symbol: BWLP) experienced a 0.6% stock movement between July 31, 2025, and November 18, 2025, influenced by several key corporate and financial announcements.
1. BW LPG Released its Q2 2025 Financial Report on August 26, 2025. This report indicated a Q2 2025 profit attributable to equity holders of US$35 million, with earnings per share of US$0.23. The company also reported a healthy Time Charter Equivalent (TCE) income of US$38,800 per available day, surpassing its guidance.
2. The Company Declared a Q2 2025 Cash Dividend of US$0.22 per Share. This dividend, representing a 110% payout ratio of the quarterly Shipping Net Profit After Tax (NPAT), was announced on August 26, 2025, with the shares trading ex-dividend on the Oslo Stock Exchange from September 4, 2025.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BWLP Return | -23% | -6% | 51% | 133% | -8% | 26% | 198% |
| Peers Return | 0% | 53% | 7% | 10% | 117% | 9% | 324% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| BWLP Win Rate | 75% | 33% | 58% | 83% | 25% | 50% | |
| Peers Win Rate | 28% | 37% | 42% | 43% | 42% | 56% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| BWLP Max Drawdown | -70% | -24% | -11% | -12% | -24% | -22% | |
| Peers Max Drawdown | -34% | -1% | -10% | -17% | -18% | -31% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: GSL, GNK, PANL, CMDB, HTCO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/17/2025 (YTD)
How Low Can It Go
| Event | BWLP | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -45.1% | -25.4% |
| % Gain to Breakeven | 82.2% | 34.1% |
| Time to Breakeven | 182 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -71.1% | -33.9% |
| % Gain to Breakeven | 245.8% | 51.3% |
| Time to Breakeven | 975 days | 148 days |
| 2018 Correction | ||
| % Loss | -28.3% | -19.8% |
| % Gain to Breakeven | 39.5% | 24.7% |
| Time to Breakeven | 780 days | 120 days |
Compare to GSL, GNK, PANL, CMDB, HTCO
In The Past
BW LPG's stock fell -45.1% during the 2022 Inflation Shock from a high on 5/26/2021. A -45.1% loss requires a 82.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Trade Ideas
Select past ideas related to BWLP. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | GEO | GEO | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -10.3% | -10.3% | -14.1% |
| 10312025 | RUN | Sunrun | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | -10.2% | -10.2% | -17.5% |
| 10312025 | PLPC | Preformed Line Products | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -3.4% | -3.4% | -4.8% |
| 10172025 | VRSK | Verisk Analytics | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -7.1% | -7.1% | -10.5% |
| 10102025 | CARR | Carrier Global | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -4.2% | -4.2% | -4.2% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | GEO | GEO | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -10.3% | -10.3% | -14.1% |
| 10312025 | RUN | Sunrun | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | -10.2% | -10.2% | -17.5% |
| 10312025 | PLPC | Preformed Line Products | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -3.4% | -3.4% | -4.8% |
| 10172025 | VRSK | Verisk Analytics | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -7.1% | -7.1% | -10.5% |
| 10102025 | CARR | Carrier Global | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -4.2% | -4.2% | -4.2% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for BW LPG
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.57 |
| Mkt Cap | 1.0 |
| Rev LTM | 655 |
| Op Inc LTM | 165 |
| FCF LTM | -14 |
| FCF 3Y Avg | 138 |
| CFO LTM | 252 |
| CFO 3Y Avg | 249 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.7% |
| Rev Chg 3Y Avg | 1.1% |
| Rev Chg Q | 13.9% |
| QoQ Delta Rev Chg LTM | 3.3% |
| Op Mgn LTM | 7.3% |
| Op Mgn 3Y Avg | 11.6% |
| QoQ Delta Op Mgn LTM | -1.1% |
| CFO/Rev LTM | 14.7% |
| CFO/Rev 3Y Avg | 21.8% |
| FCF/Rev LTM | -3.3% |
| FCF/Rev 3Y Avg | 10.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.0 |
| P/S | 1.2 |
| P/EBIT | 9.2 |
| P/E | 6.2 |
| P/CFO | 5.5 |
| Total Yield | 14.8% |
| Dividend Yield | 5.5% |
| FCF Yield 3Y Avg | 13.3% |
| D/E | 0.4 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 15.7% |
| 3M Rtn | 22.0% |
| 6M Rtn | 32.9% |
| 12M Rtn | 11.8% |
| 3Y Rtn | 103.7% |
| 1M Excs Rtn | 15.6% |
| 3M Excs Rtn | 20.6% |
| 6M Excs Rtn | 21.0% |
| 12M Excs Rtn | 0.4% |
| 3Y Excs Rtn | 30.0% |
Segment Financials
Revenue by Segment
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Product Services | 1,835 | 728 | 611 | ||
| Shipping | 1,419 | 921 | 630 | ||
| Intersegment elimination | -307 | -90 | |||
| Very Large Gas Carriers (VLGCs), Product Services | 812 | 817 | |||
| Total | 2,947 | 1,558 | 1,241 | 812 | 817 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Shipping | 797 | 568 | |||
| Gain on disposal of vessels | 42 | 21 | |||
| Product Services | 26 | -4 | |||
| Finance lease income | 0 | 1 | |||
| Intersegment elimination | 0 | 0 | |||
| Amortisation | -1 | -1 | |||
| Loss on derecognition of right-of-use assets (vessels) | -1 | ||||
| Other operating income/(expense) - net | -1 | 1 | |||
| Time charter contracts (non-lease components) | -20 | -20 | |||
| Charter hire expenses | -31 | -16 | |||
| General and administrative expenses | -57 | -32 | |||
| Vessel operating expenses | -82 | -93 | |||
| Depreciation - Shipping segment | -150 | -155 | |||
| Write-back of impairment charge | 1 | ||||
| Total | 524 | 271 |
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 6302025 | 8262025 | 6-K 6/30/2025 |
| 3312025 | 5202025 | 6-K 3/31/2025 |
| 9302024 | 12022024 | 6-K 9/30/2024 |
| 6302024 | 8222024 | 6-K 6/30/2024 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |